Olav Thon Eiendom (OLT) Q3 2026 earnings summary

Executive summary

• Q3 profit before tax was NOK 255m vs NOK 486m; excluding fair-value changes and currency, it was NOK 460m vs NOK 559m.

• Rental income rose to NOK 1,070m from NOK 992m; shopping-centre sales increased 2.4% to NOK 15,579m.

• The July acquisition of Anthon Eiendom added 16 Oslo-area properties totaling ~150,000 sq. m; further portfolio transfers are planned for Q4.

Financial highlights

• Q3 net rental income was NOK 854m vs NOK 879m; property-related expenses rose to NOK 498m from NOK 362m, including maintenance costs of NOK 175m vs NOK 69m.

• Q3 net income was NOK 194m vs NOK 382m; 9M profit before tax was NOK 2,107m vs NOK 1,847m, and 9M net income was NOK 1,646m vs NOK 1,441m.

• Q3 property fair-value changes were negative NOK 321m vs negative NOK 127m; interest-rate derivative fair-value changes were positive NOK 52m vs positive NOK 51m.

• Q3 net financial items were negative NOK 208m vs negative NOK 226m; net interest expense increased to NOK 336m from NOK 271m, while SEK-related gains were NOK 86m vs NOK 2m.

• 9M net investments were NOK 5,048m vs NOK 1,475m, including NOK 4,206m from acquisitions and disposals of companies.

Outlook and guidance

• Restructured portfolio preliminarily forecast at NOK 120–125bn in property values, NOK 8.0–8.2bn annual rental income and NOK 46–48bn interest-bearing debt at 31 December 2026; maximum LTV target remains 40%.

• Continued sound operating performance is expected despite high interest rates and macroeconomic uncertainty, supported by a strong market position and financial standing.

• Heggedal Hage’s 118 homes were over 75% sold; completion is planned for 1H 2027.